EquityPandit’s Outlook for NIFTY Auto for the week (March 16, 2020 – March 20, 2020):

NIFTY AUTO:

NIFTY AUTO Index closed the week on negative note losing 713 Points 10.34%.

Weekly High: 6,758.70

Weekly Low: 5,265.80

Weekly Close: 6,182

Technically on the daily charts we see minor support on the downside for NIFTY AUTO index lies at 5800 levels, whereas minor resistance on the upside is capped around 6650-6700 levels.

If NIFTY AUTO index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 5300 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 7200.

Currently NIFTY AUTO index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 5350 on downside and 7100 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 7,561

RESISTANCE 1: 6,871

SUPPORT 1: 5,378

SUPPORT 2: 4,575